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Subsequent Event
6 Months Ended
Jun. 30, 2018
Subsequent Events [Abstract]  
Subsequent Event

11. Subsequent Event

On August 6, 2018, the Company announced it had agreed to sell its U.S. business operated by its wholly owned subsidiary, M&I Electric Industries, Inc. to an affiliate of Myers Power Products, Inc. pursuant to an Asset Purchase Agreement (Transaction). The purchase price for the assets will be $17.3 million resulting in cash proceeds at closing of approximately $10.8 million after working capital and other closing adjustments. The buyer is also assuming approximately $12.8 million of liabilities related to the assets being sold. The Company will pay off its long term debt of $6.5 million and certain other expenses in connection with the sale resulting in additional working capital of approximately $4.3 million upon completion of the transaction.    

Although the assets sold do not constitute a majority portion of the company’s net assets, the M&I Electric US operations does represent a significant portion of the company’s consolidated revenue and so is accounted for as held for sale and discontinued operations. This Transaction closed August 12th, 2018.